Confidence returns
The proportion of properties on the market across the UK that have seen their asking price reduced from its original level is at a two-year low, according to the latest data from property website Zoopla.co.uk.
The proportion of properties that have seen their price reduced and the average amount of the discount provides good insight into the strength of the local market. With the proportion of discounted properties nationally at a two-year low, this would indicate that sellers are feeling more confident than they have for some time.
But there are places where the market clearly remains weak, such as Wakefield, where over half the properties on the market have been reduced in price at least once.
In what may be a sign that the housing market is starting to strengthen, homeowners are now feeling less pressure to drop their asking prices than at any time since August 2010.
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The research from Zoopla.co.uk shows that 32.8 per cent of properties currently for sale have had their asking price reduced at least once, down from 36.9 per cent three months ago and 40.4 per cent a year ago.
However, the average price reduction on those properties that have been discounted is up to its highest level in two years, now standing £20,612, compared to £18,993 three months ago.
The research also highlights different parts of the country where either a larger proportion of sellers than average have been forced to reduce prices or the reductions have been greater than average, often as a result of multiple price reductions.
The areas with the highest proportion of properties that have seen their asking prices slashed include Wakefield (50.4 per cent), Chesterfield (42.5 per cent) and Barnsley (42.2 per cent).
At the other end of the scale, Edinburgh, Poole, Telford, Reading and Wolverhampton top the list of places with the smallest asking price discounts on offer currently.
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